Last:0.745    +0.015

GenSp starts to move up again

Quite impossible right? I sold off at 2.07

Yamada dropping like shit these 2 days after IPO day... Been shorting

Tags: CIMB-GK Research | Genting Singapore Plc

WRITTEN BY THE EDGE

TUESDAY, 12 OCTOBER 2010 12:53

Share this  Digg  Del.icio.us  StumbleUpon  Netscape  Yahoo  Technorati  Googlize this  Facebook Export PDF Print E-mail CIMB in an Oct 11 research report says: "While we are upbeat about Genting Singapore’s (GS) long-term prospects, we flag the risk of luck normalisation which could hit 3Q’s numbers. "However, we retain our estimates which imply a $6 billion-8 billion gaming pie for 2011-2012 as there is potential for upside for GS from (i) the licensing of junket operators and (ii) prolonged market dominance. "After (i) applying an unchanged 15% premium to its Macau peers’ higher target EV/EBITDA of 14x instead of 12.5x and (ii) rolling over our valuation horizon to end-2011, our SOP-based target price rises from $1.88 to $2.45. "Factors that could catalyse the stock include (i) a speedier ramp-up, (ii) licensing of junket operators and (iii) sustained market leadership. OUTPERFORM."

Local tycoon blows $100m at the tables

Conrad Raj

conrad@mediacorp.com.sg

editor-at-large

SINGAPORE

While significant, this is a fraction of his estimated net worth. But he’s not the only high-roller to discover that “the house always wins”.

Around the same time, sources said, another tycoon from the timber-rich East Malaysian state of Sabah lost $50 million here.

“These guys can well afford the losses,” said one high-roller who is a regular at Singapore’s two casinos — at Resorts World Sentosa and Marina Bay Sands.

However, while gamblers losing $10 million to $20 million over a few sessions in the rooms reserved for high-rollers are no longer a rare breed, the source said that whispers of these two businessmen parting with a total of $150 million have raised more than a few eyebrows, even among the regulars.

News of these two multimillion-dollar casino losers comes amid an update that local businessman Henry Quek, who lost $26 million during a three-day gambling spree, is said to have settled his debts.

Mr Quek, the managing director of Far Ocean Sea Products, a seafood processing and trading company operating out of Fishery Port Road in Jurong, had initially considered legal action against Resorts World Sentosa for granting him credit too easily.

It is understood that the casino had shaved $6 million off his debt initially and another $3 million after the media reports about the case.

Mr Quek is said to have settled the rest of the outstanding debt. Unlike Mr Quek, the two latest multi-million-dollar losers, who are believed to have put their money at gaming tables of both Resorts World Sentosa and Marina Bay Sands, are said to have absorbed their losses without any complaints.

Against the backdrop of such mega-losses by individual high-rollers, analysts say it is not surprising Mr Sheldon Adelson, chairman of Las Vegas Sands, parent of Marina Bay Sands, predicted that Singapore could, in a few years, overtake Las Vegas as the world’s second-largest gaming centre behind Macau.— Sources have told Today that a local businessman, who appeared on the latest Forbes list of Singapore’s 40 richest people, recently lost a total of $100 million at the two casinos here.